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Behind the drop: Iraq joined Saudi Arabia and Iran's recent price-cutting spree. The key members of the Organization of Petroleum Exporting Countries (OPEC) are undercutting other exporters' prices and maintaining production or even boosting output as global demand is slowing and North America oil production surged.
It's sort of funny that China made such an enormous oil order from the Middle East in order to make the price per barrel go up. Do they really think that making such an enormous order will make others follow suit? Do they have a place to store it or are ships just going to sit near their ports until needed?
It's sort of funny that China made such an enormous oil order from the Middle East in order to make the price per barrel go up. Do they really think that making such an enormous order will make others follow suit? Do they have a place to store it or are ships just going to sit near their ports until needed?
Chinaoil, trading arm of PetroChina has snapped up 16.5 million barrels of crude so far this month on a trading platform operated by pricing agency Platts, traders said on Friday.
A record 18 Upper Zakum cargoes were delivered in the window, in addition to 14 Oman cargoes and one cargo of Dubai crude, they said.
"This record will never be beaten, not in my lifetime," a trader with a Western firm said.
Don't worry, the taps will be turned down after the first Tuesday in November. Or sooner if O cancels the election due to his creation of an Ebola crisis in America.
LOL. You're just upset because your beloved Vladimir's homeland is suffering.
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